Fuel prices to increase in August

“The final price changes will be announced by the Minister of Energy on Friday.”

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Fuel prices are expected to rise in August.

This is according to independent agricultural economist Fanie Brink, who said in a statement that the latest information from the Department of Energy on Wednesday indicated that the price of gasoline 93 (ULP and LRP) in Gauteng could increase by 12.9 cents per litre on August 2, 2017 and the price of diesel with a 0.005% sulphur content by 26.6 cents per litre.

“The crude oil price dropped to $46.71 a barrel early in the month, but recovered quickly to $50.59 a barrel. The increases in the average international prices of petroleum products caused increases of 1.0 cents per litre in the price of gasoline and 14.5 cents per litre in the price of diesel.”

Brink said the volatility in the daily average exchange rate during the past month added further expected increases of 11.9 cents per litre to the gasoline price and 12.1 cent per litre to the diesel price.

“The final price changes will be announced by the Minister of Energy on Friday.”